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Author: Ricardo Ffrench-Davis
Publisher: Brookings Institution Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 196
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Book Description
"A Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) publication Financial crises in emerging economies are very different today than they were in the past. Between 1940 and the 1970s, such traumas involved large fiscal deficits, repressed domestic financial systems, and balance of payments situations that were associated with a sharp worsening of terms of trade. In recent years, however, a ""new variety"" of crisis has evolved in Asia and Latin America. Many of the emerging economies that have experienced financial trauma have been considered very successful until the crises explode. This collection focuses on such economies. The five contributors provide policy-oriented analysis that seeks to identify crucial variables that affect the probability or intensity of crisis. Joséeacute; Antonio Ocampo (ECLAC) and Ricardo Ffrench-Davis explore the variables that play a part in determining whether a financial crisis is likely to occur. They analyze ""vulnerability zones"" for certain key variables--such as net liquid external liabilities, current-account deficits, and real exchange rates--and examine how and why capital surges have contributed to worsen marcoeconomic fundamentals in emerging economies. Manuel Agosin (University of Chile) draws a parallel between Korea and Taiwan, showing how the two countries had similar histories between the mid-1960s and the early 1990s, then followed different paths during the 1990s. Ricardo Ffrench-Davis (ECLAC) concentrates on Chile's experience with three ""positive"" financial shocks: in the 1970s, in 1991-94, and in 1995-97. Jaime Ros (Notre Dame University) explores contrasting situations in Mexico in 1991-94 and 1996-97, and discusses the variables that explain the marked differences between the two episodes. Ricardo Ffrench-Davis is principal regional adviser at ECLAC and co-founder of the Center for Economic Research on Latin America (CIEPLAN). He is the author or editor of fifteen books on international economics, development, strategies, foreign financial, and Latin American economies, including Reforming the Reforms: Macro, Trade, Finance (Palgrave/Macmillan, 1999). "
Author: Ricardo Ffrench-Davis
Publisher: Brookings Institution Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 196
Get Book Here
Book Description
"A Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) publication Financial crises in emerging economies are very different today than they were in the past. Between 1940 and the 1970s, such traumas involved large fiscal deficits, repressed domestic financial systems, and balance of payments situations that were associated with a sharp worsening of terms of trade. In recent years, however, a ""new variety"" of crisis has evolved in Asia and Latin America. Many of the emerging economies that have experienced financial trauma have been considered very successful until the crises explode. This collection focuses on such economies. The five contributors provide policy-oriented analysis that seeks to identify crucial variables that affect the probability or intensity of crisis. Joséeacute; Antonio Ocampo (ECLAC) and Ricardo Ffrench-Davis explore the variables that play a part in determining whether a financial crisis is likely to occur. They analyze ""vulnerability zones"" for certain key variables--such as net liquid external liabilities, current-account deficits, and real exchange rates--and examine how and why capital surges have contributed to worsen marcoeconomic fundamentals in emerging economies. Manuel Agosin (University of Chile) draws a parallel between Korea and Taiwan, showing how the two countries had similar histories between the mid-1960s and the early 1990s, then followed different paths during the 1990s. Ricardo Ffrench-Davis (ECLAC) concentrates on Chile's experience with three ""positive"" financial shocks: in the 1970s, in 1991-94, and in 1995-97. Jaime Ros (Notre Dame University) explores contrasting situations in Mexico in 1991-94 and 1996-97, and discusses the variables that explain the marked differences between the two episodes. Ricardo Ffrench-Davis is principal regional adviser at ECLAC and co-founder of the Center for Economic Research on Latin America (CIEPLAN). He is the author or editor of fifteen books on international economics, development, strategies, foreign financial, and Latin American economies, including Reforming the Reforms: Macro, Trade, Finance (Palgrave/Macmillan, 1999). "
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
ISBN: 1475561008
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Author: Martin S. Feldstein
Publisher:
ISBN:
Category : Developing countries
Languages : en
Pages : 56
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Book Description
This is the introductory chapter to an NBER conference volume that examined the lessons to be drawn from the financial and currency crises of the late 1990s. The paper does not attempt to summarize the specific content of that meeting but provides the author's personal conclusions about crisis prevention and management. The first part of the paper deals with policies of the emerging market economies that affect the likelihood of crises, including exchange rate regimes, capital account convertibility, foreign exchange liabilities and reserves, domestic credit structure, and financial supervision. The paper then considers policies of industrial countries that affect the risk of crises in emerging market economies, including exchange rate instability, interest rates, banking supervision, trade policy, and the provision of a lender of last resort facility. The second half of the paper deals with the way that the crises were managed by the IMF and attempts to answer the following questions: (1) Have the crises been resolved, permitting the crisis countries to return to solid economic growth and to achieve renewed access to international capital markets? (2) Did the IMF stabilization policies resolve the crisis with as little economic pain as possible? (3) Did the agreed structural reforms actually occur and, if so, were they successful? (4) How did the experience of the crisis countries affect the incentives of lenders, borrowers, and countries facing crises in the future? (5) Were the actions of the IMF politically legitimate for an international agency? (6) What were the political consequences of the crises and the policies that followed?
Author: Carol Wise
Publisher: Brookings Institution Press
ISBN: 0815724772
Category : Political Science
Languages : en
Pages : 258
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Book Description
This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
ISBN: 1475543409
Category : Business & Economics
Languages : en
Pages : 670
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Book Description
The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.
Author: United States. Financial Crisis Inquiry Commission
Publisher: Public Affairs
ISBN: 1610390415
Category : Business & Economics
Languages : en
Pages : 578
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Book Description
Examines the causes of the financial crisis that began in 2008 and reveals the weaknesses found in financial regulation, excessive borrowing, and breaches in accountability.
Author: Faruk Ulgen
Publisher: Taylor & Francis
ISBN: 1317301633
Category : Business & Economics
Languages : en
Pages : 259
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Book Description
Recurrent crises in emerging markets and in advanced economies in the last decades cast doubt about the ability of financial liberalization to meet the aims of sustainable economic growth and development. The increasing importance of financial markets and financial efficiency criterion over economic decisions and policies since the 1980s laid down the conditions of the development process of emerging market economies. Numerous crises experienced thereafter gave rise to flourishing work on the links between financialization and economic development. Several decades of observations and lessons can now be integrated into economic and econometric models to give more sophisticated and multivariable approaches to financial development with respect to growth and development issues. In the markets-based and private-enterprise dominated world economy, two conditions for a successful growth-enhancing financial evolution can at least be brought fore: macroeconomic stability and consistent supervision. But even after the 2007-2008 global crisis, economists do not agree on the meaning of those conditions. For liberal and equilibrium-market economists, good finance and supervision mean market-friendly structures while for institutionalists, post-Keynesian and Marxist economists, good finance and supervision must lie in collectively designed and managed public structures. Drawing heavily on the tumultuous crises of the 1990s-2000s, this book argues that those experiences can shed light on such a crucial issue and lead economic theory and policy to go beyond the blindness of efficient free markets doctrine to economic catastrophes. It also points to new challenges to global stability in the wake of reconfiguration of international financial arena under the weight of major emerging market economies.
Author: Sebastian Edwards
Publisher: University of Chicago Press
ISBN: 0226185052
Category : Business & Economics
Languages : en
Pages : 783
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Book Description
Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.
Author: Gerard Caprio
Publisher: Rowman & Littlefield
ISBN: 0815797966
Category : Business & Economics
Languages : en
Pages : 300
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Book Description
A Brookings Institution Press and World Bank Group publication Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts examine and draw lessons from attempts to recover from past crises. They also consider some potential hazards facing the world economy in the 21st century and discuss ways to avoid them and minimize the severity of any future downturn. This important new volume emerges from the seventh annual conference on emerging markets finance, cosponsored and organized by the World Bank and the Brookings Institution. In the book, noted experts address the following questions: How effective were post-crisis policies in Latin America, Eastern Europe, and East and Central Asia? Where do international financial markets stand ten years after the worldwide debt crisis? How can the provision of financial services resume vigorously, yet safely? What are the viable policy options for reducing systemic financial vulnerability? What will the next emerging-market financial crisis look like? Will lessons learned from past experiences help to avoid future disasters? How can nations reform their pension systems to deal with retirement challenges in the 21st century?
Author: Ümit Hacioğlu
Publisher: Springer
ISBN: 3319470213
Category : Business & Economics
Languages : en
Pages : 655
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Book Description
This book assesses the 2008-2009 financial crisis and its ramifications for the global economy from a multidisciplinary perspective. Current market conditions and systemic issues pose a risk to financial stability and sustained market access for emerging market borrowers. The volatile environment in the financial system became the source of major threats and some opportunities such as takeovers, mergers and acquisitions for international business operations. This volume is divided into six sections. The first evaluates the 2008-2009 Global Financial Crisis and its impacts on Global Economic Activity, examining the financial crisis in historical context, the economic slowdown, transmission of the crisis from advanced economies to emerging markets, and spillovers. The second section evaluates global imbalances, especially financial instability and the economic outlook for selected regional economies, while the third focuses on international financial institutions and fiscal policy applications. The fourth section analyzes the capital market mechanism, price fluctuations and global trade activity, while the fifth builds on new trends and business cycles to derive effective strategies and solutions for international entrepreneurship and business. In closing, the final section explores the road to economic recovery and stability by assessing the current outlook and fiscal strategies.
